UBS's Overhaul Efforts Yield Gains

ZURICH—UBS AG posted a better-than-expected first-quarter profit as the bank pushes through an extended restructuring program in the wake of the financial crisis.

The lender, Switzerland's largest, said its performance was spurred partly by a typically strong seasonal showing from its streamlined investment bank, but the bank cautioned that in future quarters UBS will likely have to rely more on its core business of managing assets...